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In a dramatic turn of events, the tariffs announced by President Donald Trump last week have sent shockwaves through global stock markets, resulting in significant losses for some of the wealthiest individuals in the world. The repercussions are being felt most acutely by billionaires, some of whom are staunch supporters of Trump himself, as their net worth and investment portfolios have taken a severe hit amid the ongoing market sell-off.

Notably, several prominent hedge fund managers have begun to voice their dissent regarding the newly implemented tariffs. Figures such as Dan Loeb of Third Point and Bill Ackman of Pershing Square have publicly criticized the tariffs, with Ackman going so far as to call for a 90-day moratorium on them in a post on social media platform X. This marks a significant shift in sentiment, especially considering that just months ago, JPMorgan CEO Jamie Dimon had dismissed concerns about the economic ramifications of tariffs, suggesting that those worried should simply 'get over it.' However, in his annual letter published on Monday, Dimon appeared to reconsider this stance, cautioning that while the 'America First' approach might be well-intentioned, it should not lead to an 'America alone' scenario, warning that the tariffs could indeed hamper economic growth.

Furthermore, prominent billionaire investor Stanley Druckenmiller, who previously worked under Treasury Secretary Scott Bessent, had expressed his belief that Bessent's innovative strategies could be disruptive without destabilizing markets. However, Druckenmiller has now publicly stated his disagreement with excessive tariff policies, explicitly stating that he does not support tariffs exceeding 10%.

Two Republican billionaires, Ken Langone, co-founder of Home Depot, and Ken Griffin, founder of Citadel, have voiced their frustrations with the implementation of the tariffs. Langone expressed his confusion regarding the rationale behind the specific rates assigned to different countries in an interview with the Financial Times, while Griffin, whose flagship fund has reportedly incurred losses in recent months, labeled the tariffs a 'huge policy mistake' during a recent speech at the University of Miami.

The contrasting viewpoints from some of the world’s wealthiest individuals are not surprising given the volatile political landscape. For instance, former President Joe Biden once had the backing of numerous influential figures in Wall Street and Silicon Valley, but that support has dwindled due to the policies enacted under the current administration, particularly those championed by former SEC Chair Gary Gensler and former FTC Chair Lina Khan.

Trump's relationship with the elite has been tumultuous; there have been instances where high-profile companies and donors distanced themselves from him after the January 6, 2021, insurrection. However, the current situation appears to be different, as investors report feeling increasingly powerless amid the ongoing tariff saga. Many have noted that traditional financial fundamentals seem irrelevant when weighed against the political landscape, leading one trader to lament that they were getting their 'face ripped off' by a short bet placed on Tuesday.

This trader's miscalculation came after the market briefly surged based on unfounded rumors of a potential tariff reprieve. The White House quickly quashed these rumors, with Trump instead doubling down on threats of even higher tariffs against China, which has not shown any inclination to back down in the face of increased pressure.

The People’s Daily, the official newspaper of the Chinese Communist Party, published a statement over the weekend asserting that 'the more pressure we get, the stronger we become.' This ambivalence has prompted some investors to begin favoring China over the United States in their trading strategies. During a recent conference organized by the Information Technology Industry Council, David McCormick, a junior senator from Pennsylvania and former CEO of Bridgewater Associates, revealed that he had spoken to many in the financial sector who are 'long China and short America.'

Despite the prevailing sentiment, McCormick expressed his own steadfast commitment to American interests, stating, 'I'm long America, and I'm short China,' and stressed that the outcome would ultimately depend on U.S. policies. He warned that the future remains uncertain and that poor decisions could jeopardize America's standing in various global arenas, including the burgeoning field of artificial intelligence, evidenced by the success of Chinese AI company DeepSeek.

In conclusion, the current tumult surrounding tariffs is stirring a complex debate among the nation's wealthiest and most influential figures. As the market reacts to the unfolding situation, it is clear that the implications of these policies extend far beyond immediate financial losses, posing significant challenges for the future economic landscape.

Emmalyse Brownstein contributed reporting.